Year Ended October 31,

(In thousands, except per share data)

2013

2012

2011

Numerator:

Net earnings (loss) attributable to Hovnanian

$31,295

$(66,197

)

$(286,087

)

Less: undistributed earnings allocated to nonvested shares

(58

)

Numerator for basic earnings per share

$31,237

$(66,197

)

$(286,087

)

Plus: undistributed earnings allocated to nonvested shares

58

-

Less: undistributed earnings reallocated to nonvested shares

(59

)

-

Plus: interest on senior exchangeable notes

3,720

-

Numerator for diluted earnings per share

$34,956

$(66,197

)

$(286,087

)

Denominator:

Denominator for basic earnings per share

145,087

126,350

100,444

Effect of dilutive securities:

Share based payments

1,396

-

Senior exchangeable notes

15,846

-

Denominator for diluted earnings per share – weighted average shares outstanding

162,329

126,350

100,444

Basic earnings (loss) per share

$0.22

$(0.52

)

$(2.85

)

Diluted earnings (loss) per share

$0.22

$(0.52

)

$(2.85

)